Tony Roper joined Foresight Solar's board of directors in November 2024 alongside Paul Masterton as part of FSFL’s succession plan. With direct infrastructure investment and deep directorial experience, he will help oversee the execution of FSFL's income and growth strategy and support our ambitions going forward.

In this Q&A, he speaks about his background, his interest in joining FSFL, the role of the board, and the opportunities and challenges for investors. 

 

Who is Tony Roper?

I have always been a practical person, interested in how things work from a young age.  This led to a degree in Engineering and an early career in the construction industry. From there, my interest in numbers and how large projects were financed led me to the financing of infrastructure projects and an accounting qualification.

I have been lucky to work with some amazing people and feel building the right teams has been part of my career progression. I am now able to help others as their careers develop.

The importance of stewardship when investing was instilled in me early on in my investment career and remains a key focus in my current roles. 

 

What is your professional background?

I was an infrastructure investor for 25 years, starting my career at John Laing before the launch of the Private Finance Initiative (PFI). I then joined HSBC Special Investments, where I took over the management of HICL – the first London-listed infrastructure investment company – and helped with the buy-out that created InfraRed Capital a few years later, as well as contributing to the successful IPO of TRIG in 2012.

Since retiring from day-to-day executive roles, I’ve taken on board responsibilities, still involved in the infrastructure and alternative asset sectors. I am currently chair to abrdn European Logistics Income Trust, which is now in wind down following a Strategic Review in early 2024, and also chair SDCL Energy Efficiency Income Trust.

 

What made you want to join the Foresight Solar Board of Directors?

When you have been involved in the infrastructure investment industry for as long as I have, you get to know many of the market participants. Since the IPO in 2013, Foresight Solar is a fund I’ve followed as it has developed and grown.

From a performance perspective, FSFL has an investment proposition that is easy to understand, and it has consistently delivered against its objective to provide a progressive, sustainable dividend.

From a personal point of view, I have worked with advisors to the fund in other capacities and know of their competence and commitment.

When the opportunity came up, it was an easy decision to make.

 

What is the most important part of a Board’s work?

The most critical part of a Board’s role is to provide effective oversight and strategic direction, ensuring that the fund achieves its goals and manages risk responsibly. This includes fostering a culture of accountability, maintaining strong governance, and balancing the interests of all stakeholders. In the current climate, meeting and listening to shareholders is as important as it has ever been.

A Board must also remain adaptable, guiding the organisation through evolving market conditions and regulatory landscapes, while safeguarding long-term value creation.

 

What challenges do you see for investors in the near term?

Foresight Solar has done a good job of outlining its income and growth strategy. The balance between generating a steady yield and delivering additional growth from development-stage projects is well-suited to a market backdrop that has stopped listed funds from raising equity.

The divestment programme is a step in the right direction, and the stake sale in the Lorca portfolio helped prove valuation, but investors are expecting more news following the announcement of the Australia sale process.

Equally, there has been steady progress with the proprietary development pipeline, which has grown to almost 1GWp. This good work should continue while projects come through the different phases and we capture value for shareholders.

FSFL now needs to deliver on its promises in terms of performance, disposals, and value appreciation from the development pipeline. In addition, alternatives investment trusts are seeing prolonged share prices discounts to prevailing net asset values and both boards and managers need to find ways to narrow these discounts. This will be a key focus for FSFL in 2025, as well as continuing to maintain good operating performance and closing the sale of the Australian investments.